Opening Bell 23 March | Markets spooked

Mumbai: Ireland is back in recession. The country’s GDP dipped 0.2% in last quarter of 2011. With the economy contracting in the September quarter as well, Ireland joins other Euro zone countries like Belgium, Netherlands, Italy, Portugal and Greece in recession. Read The Guardian report.

The weak economic data from Europe along with fears of a deeper manufacturing contraction in China has heightened concerns about a slowdown in the global economy. S&P 500 lost 0.72% to 1,392 on selling in stocks of industrial and commodity related companies.

Asian stocks also opened on a weak note. Japan’s Nikkei slumped 1.12% in opening deals amid concern that weakening business activity in Europe might crimp orders for the exporters.

Back home, the civil aviation ministry is encouraging Indian carriers to fly abroad. According to the Business Standard, starting April, the ministry will allow domestic carriers to utilise 40% of foreign bilateral rights.

GMR Infrastructure is planning to offer consulting services to international airports. The company is in talks with international pension and sovereign funds to form partnerships so that it can jointly bid to offer services like project management consulting bidding assistance and financial closure to airports.

Meanwhile, due to coal shortages, the company has put the development of its Rs 7,000-crore power project at Shahdol, Madhya Pradesh on the backburner, reports the Business Standard.

Keep an eye on Unitech. According to The Economic Times, the company is seeking a valuation of around $150 million for its stake in the telecom venture with Telenor.

PTC India has ended its alliance with the UK-based Ashmore Group for the India Energy Infrastructure Fund. The company is now looking for new partners and is in talks with at least three companies.

Dhanlaxmi Bank may sell its 15% stake in Destimony Securities, reports The Economic Times. The development comes after the Reserve Bank of India has reportedly raised objection about the nature in which the bank is being categorised as a promoter.

Finally, people who constantly get distracted are reported to have more “working memory,” found a new study. Working memory allows people juggle multiple thoughts simultaneously. Read The Telegraph report.